Manappuram Finance share price down by 15% after RBI restrictions on Asirvad Micro Finance

The stock was trading at ₹150.73 apiece, down 15%, on the National Stock Exchange (NSE) and 14.99% lower at ₹150.8 apiece on the BSE.

RBI bars Asirvad Micro Finance, 3 other NBFCs from disbursal of loans

"This action is based on material supervisory concerns observed in the Pricing Policy of these companies in terms of their Weighted Average Lending Rate (WALR) and the Interest Spread charged over their cost of funds, which are found to be excessive and not in adherence with the regulations...," the RBI statement on action against NBFCs and MFIs.

Here's what Manappuram Finance said on RBI action

The company also informed investors that the Board has noted the incident and convened a meeting to take immediate action.

"The Board has reiterated its unwavering commitment to implement RBI’s direction in letter and spirit and monitor the corrective action in a time bound plan. Additionally, the Board is committed towards ensuring continued and robust customer service support to our existing customers and we are sure that our actions will demonstrate our alignment to a ‘compliance first’ culture," the company said in a regulatory filing.